HARGREAVES LANSDOWN has rejected a takeover bid by a consortium of private equity investors including CVC and Abu Dhabi's sovereign wealth fund, the company confirmed.

The do-it-yourself investment platform, led by CEO Dan Olley (pictured), rejected the offer from the group of investors last month, which priced the firm at £4.7bn, or 985p per share.

Hargreaves Lansdown currently sits at 979p per share, after spiking by five per cent towards the end of trading yesterday as rumours began to emerge of a potential sale.

When the group of investors made the offer for Hargreaves on 26 April, the firm's stock price sat at 755p, but even before the strong performance yesterday, its share price has risen 23.6 per cent over the last month.

The rising stock price came after a quarterly trading update that revealed that the investment provider saw total revenue jump to £199.7m in the first three months of the year, up from £188.1m.

It said the boost came as a result of "increased dealing volumes and higher platform revenue".

(c) 2024 City A.M., source Newspaper